City Bank set to receive $75mn loan from AIIB, NDB

City Bank is set to receive $75 million in loans from the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB). Of the total, AIIB will provide $50 million while NDB will give $25 million, which is equivalent to Tk 9.14 billion. The funds will be channelled into infrastructure, renewable energy, transport, technology, and green projects in Bangladesh’s private sector. The agreement was signed at AIIB’s headquarters in Beijing on Sept 8, City Bank said in a media statement on Thursday. The deal comes five months after the loan was approved. “This is AIIB’s first-ever financing for a Bangladeshi private bank or company without sovereign guarantee. The long-term partnership reflects AIIB and NDB’s confidence in City Bank,” said...